IDP (Project Management North) Limited Filleted accounts for Companies House (small and micro)

IDP (Project Management North) Limited Filleted accounts for Companies House (small and micro)

EXI PROJECT MANAGEMENT NORTH LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09553876
IDP (Project Management North) Limited
Filleted Unaudited Financial Statements
31 March 2019
IDP (Project Management North) Limited
Statement of Financial Position
31 March 2019
2019
2018
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
607
1,363
Current assets
Debtors
6
130,357
156,290
Cash at bank and in hand
79,000
126,835
---------
---------
209,357
283,125
Creditors: amounts falling due within one year
7
140,756
210,744
---------
---------
Net current assets
68,601
72,381
--------
--------
Total assets less current liabilities
69,208
73,744
--------
--------
Net assets
69,208
73,744
--------
--------
Capital and reserves
Called up share capital
1,001
1,001
Profit and loss account
68,207
72,743
--------
--------
Shareholders funds
69,208
73,744
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
IDP (Project Management North) Limited
Statement of Financial Position (continued)
31 March 2019
These financial statements were approved by the board of directors and authorised for issue on 28 November 2019 , and are signed on behalf of the board by:
Mr G Bent
Director
Company registration number: 09553876
IDP (Project Management North) Limited
Notes to the Financial Statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 The Quadrant, Coventry, CV1 2EL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 3 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2018 (as restated) and 31 March 2019
3,026
3,026
-------
-------
Depreciation
At 1 April 2018
1,663
1,663
Charge for the year
756
756
-------
-------
At 31 March 2019
2,419
2,419
-------
-------
Carrying amount
At 31 March 2019
607
607
-------
-------
At 31 March 2018
1,363
1,363
-------
-------
6. Debtors
2019
2018
(restated)
£
£
Trade debtors
106,727
134,456
Amounts owed by group undertakings and undertakings in which the company has a participating interest
22,061
19,113
Other debtors
1,569
2,721
---------
---------
130,357
156,290
---------
---------
7. Creditors: amounts falling due within one year
2019
2018
(restated)
£
£
Trade creditors
70,999
111,898
Amounts owed to group undertakings and undertakings in which the company has a participating interest
822
800
Corporation tax
15,765
20,092
Social security and other taxes
40,401
63,803
Other creditors
12,769
14,151
---------
---------
140,756
210,744
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Bent
–
–
–
–
Mr J Haynes
( 800)
–
800
–
Mr R J Kinnersley
( 574)
–
574
–
Mr S J Kennedy
( 800)
( 822)
800
( 822)
-------
----
-------
----
( 2,174)
( 822)
2,174
( 822)
-------
----
-------
----
2018
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Bent
( 77)
–
77
–
Mr J Haynes
–
( 800)
–
( 800)
Mr R J Kinnersley
( 574)
–
–
( 574)
Mr S J Kennedy
–
( 800)
–
( 800)
----
-------
----
-------
( 651)
( 1,600)
77
( 2,174)
----
-------
----
-------
9. Related party transactions
IDP (Project Management) Limited A company under mutual control. At the balance sheet date the company was owed £ 5,264 from IDP PM Limited. IDP (Project Management South) Limited A company under mutual control. At the balance sheet date the company was owed £ 29,016 from IDP PMS Limited. IDP Cost Consultants Limited A company under mutual control. At the balance sheet date the company was owed £ 8,036 from IDP Cost Consultants Limited. IDP Health Limited A company under mutual control. At the balance sheet date the company owed £ 1,359 to IDP Health Limited. Interpret Design Project Management Limited The controlling party. At the balance sheet date the company owed £ 28,914 to Interpret Design PM Limited.
10. Controlling party
The ultimate controlling parties are Mr G Bent and Mr R Kinnersley , by virtue of their joint majority shareholding in the parent company, Interpret Design Project Management Ltd .